Growing a green economy

I believe there are three basic objectives for the energy industry in the modern era. First, to provide a reliable and ample supply. Second, to ensure that the supply is provided at the least cost to consumers. And third, to accomplish the first and second objectives with the least possible adverse effects on the environment.

 

To that end last December, Congress passed, and President Bush signed, a bill that greatly enhances our energy efficiency, increases our use of homegrown biofuels, and—for the first time in three decades—strengthens our vehicle fuel economy standard. The Energy Independence and Security Act of 2007 was a great success, but we must continue to become more energy self-reliant by becoming more energy efficient and bolstering our use of renewable resources.

More attention to generation needed

We did a great deal for alternative sources of energy for transportation fuel in the recent bill. But the contribution that renewable forms of energy can make to electric power generation has been disappointing over the years, staying at only 2% to 3% of total supply. We need to pass a renewable electricity standard mandating that 15% of the nation’s electricity is derived from clean energy sources— including solar, geothermal, wind, and other renewable sources—by 2020.

We also need to pass a long-term extension of the tax incentives for generating electricity from renewable resources. Investing in renewable energy will increase our national security, create new jobs, and decrease the amount of harmful greenhouse gases that intensify the threat of global warming.